April 1st Pre-Market Morning Report: Hot Topics

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No.1 Pre-market Hot Events

I. Yesterday’s Hot Spots
China Railway High-speed: Shenzhou High-speed Rail
Commercial Aerospace: Shunshang Co., Ltd.; Shenjian Co., Ltd.
Electric Power: Mindong Electric Power
Innovative Drugs: Jinzhou Pharmaceutical
Zhangxue Motorcycle: Hongchang Technology

II. Mutual U.S.-Iran Tensions De-escalation Remarks Released; Dow Jumps More Than 1,100 Points; Nasdaq Up 3.8%; Gold and Silver Surge
On Tuesday Eastern U.S. time, both the U.S. and Iran released de-escalation remarks, boosting investor sentiment. The three major U.S. stock indexes surged sharply, with all posting their largest single-day gains since May of last year. The Dow soared by 1,125 points, while the Nasdaq rose 3.8%. The de-escalation remarks sparked a straight-line rise in gold and risk assets: U.S. gold rose 3.12%, and U.S. silver rose 6.77%.
Trump told aides that even if the Strait of Hormuz remains largely closed, he is willing to end military actions against Iran.
Iran’s President Pezeshkian said that Iran is willing to end the war on the condition that its demands are met.
China and Pakistan put forward a five-point proposal on restoring peace and stability in the Gulf and the Middle East region.
Silver: Hunan Silver; Silver Nonferrous; Shengda Resources
Gold: Hunan Gold; Sichuan Gold; Xiaocheng Technology
Post-war reconstruction: North International; Tietuo Machinery

III. Kioxia Issues Another Production Curtailment Notice; SanDisk Up More Than 10%
Memory chip maker Kioxia issued the latest production curtailment notice to customers again on the 31st, announcing that some of its traditional FloatingGate 2DNAND as well as its third-generation Bi CSFL ASH products will gradually exit the market. Previously, Kioxia had already announced a shutdown of small-capacity TSOP packaging products. According to the notice, the last customer forecast order cutoff date for these products is September 30, 2026, while the final shipping cutoff time is December 31, 2028.
SanDisk rose 10.98%, and Western Digital rose 7.48%.
Memory chips: Demingli; Shangnong Chuangxin; Purun Co., Ltd.; ULL Memory

IV. NVIDIA Invests $2 Billion to Partner With Marvell on Developing Silicon Photonics Technology
NVIDIA invested $2 billion in Marvell. NVIDIA and Marvell will collaborate to develop silicon photonics technology. Marvell will provide custom XPU, while NVIDIA will provide supporting technologies.
Silicon photonics: Yuanzhe Technology; Changguang Huaxin; Robotech; Shijia Photonics; GUC Optoelectronics

V. Hong Kong Monetary Authority: Fully Push Ahead With Stablecoin Licensing, Announce to the Public in Due Course
The Hong Kong government originally planned to issue the first batch of stablecoin licenses in March this year. In this regard, a spokesperson for the Hong Kong Monetary Authority told Caixin that the HKMA is pushing ahead on licensing efforts with full force and will announce it to the public in due course.
Stablecoins: Yuyin Co., Ltd.; Cuiei Shares; Hengtbao Co., Ltd.; Sifang Jingchuang; Lakala

VI. Sinook Aerospace’s STAR Market IPO Application Accepted
On March 31, Sinook Aerospace Technology Co., Ltd.’s STAR Market IPO application was accepted, and it is officially preparing to enter the capital markets. In recent years, the company’s revenue scale has grown, and commercialization has accelerated. This IPO filing uses the second set of listing standards for the STAR Market.
Sinook Aerospace: Yuexiu Capital; Guangbai Co., Ltd.

VII. April E-wire Quotation Continues to Be Raised
The April E-wire quotation continues to be raised. Linzhou Guangyuan 7628 rose 0.5 yuan to 6.4 yuan/m, 2116 rose 0.8 yuan to 7.6 yuan/m, and 1080 rose 0.8 yuan to 7.9 yuan/m. The monthly pricing adjustment model, continued validation of the industry outlook, and thin-wire elasticity are highlighted even more.
E-wire: Honghe Technology; Feilihua; Tongguang Copper Foil; Deye Technology

VIII. China’s Artificial Sun in Shanghai Breaks Records; Nuclear Fusion Achieves Thousand-Second-Plus Operation
Recently, Shanghai Nuclear Fusion Energy Commercial Co., Ltd.’s energy-singularity independently developed the world’s first all-high-temperature superconducting tokamak device “Honghuang 70,” successfully achieving 1,337 seconds of steady-state long-pulse operation of plasma, becoming the only commercial nuclear fusion enterprise globally to achieve long-pulse operation at the thousand-second level, far exceeding the prior operational limit of commercial companies at the hundred-second level.
Nuclear fusion: Anshan Intelligent Forging; China Nuclear Engineering & Construction; Rongfa Nuclear Power; Hanhai Huachong; Zhongzhou Special Materials

IX. Industry News

1. After the domestic iPhone AI version suddenly went live and was later withdrawn, it revealed that it used Baidu Wenxin. Apple responded: it is actively working on rollout in China. (Aofei Data)
2. Yadea will raise prices by more than 300 yuan across all product categories starting April 1. (Xinnom Technology; Aima Technology)
3. Glyphosate prices continue to rise. The market average is 29,750 yuan/ton, up 23.44% from early March. (Jiangshan Co., Ltd.; Xinan Co., Ltd.)
4. National Data Bureau: improve the low-altitude computing power supply system and strengthen algorithm R&D in low-altitude areas. (Shunshang Co., Ltd.)
5. People’s Daily: get hydrogen into action and unleash fresh growth vitality. China’s renewable energy hydrogen production annual capacity accounts for more than half of the world’s total. (Beijing City Shares; Houpu Shares)
6. China Commercial Aerospace Group announced the ninth set of opportunities for Long March-series launch vehicles with ride-sharing.
7. NASA plans to begin a crewed fly-around-the-moon mission on April 1.
8. The SSE website shows that the IPO of iTech and Blue Arrow Aerospace has been halted because financial materials in the submission are past their validity period.

No.2 Selected Announcements

I. Daily Announcements
Unicorn Technology: Subsidiary signs a 262 million yuan contract for computing power services
Shunwang Technology: Plans to acquire 32.34% equity interest in Shaoxing Future Shanhai
Jinji Smart Agriculture: Plans to inject 650 million yuan into Huibo Robotics and obtain control rights
Hailiang Co., Ltd.: Holding subsidiary plans to invest 5.05 billion yuan to build an annual production line for 67,500 tons of copper foil
Pinggao Electric: Wins bids totaling about 1.223 billion yuan for State Grid procurement projects
Chengbang Co., Ltd.: Plans a private placement to raise no more than 100 million yuan for projects such as capacity expansion of embedded storage chip production
Meibang Apparel: Plans to sign a major daily business contract of no more than 1 billion yuan with its related party Newen Textile
Pengtai Holdings: Growth trend in the optical module segment is significant; expects revenue to achieve several-fold growth this year
BOE A: Plans to repurchase shares totaling 3.6 billion yuan to 6.3 billion yuan for equity incentives

II. Q1 Performance
Demingli: Net profit for Q1: 3.15 billion yuan–3.65 billion yuan; year-on-year turnaround from loss to profit
Shengtun Mining: Net profit for Q1: 950 million yuan–1.15 billion yuan; up 226.27%–294.95% year-on-year
Huaxin Building Materials: Net profit for Q1: 520 million yuan–720 million yuan; up 126%–213% year-on-year

III. Trading Resumption / Suspension
Mianxiang: Trading resumes; the actual controller will change to the State-owned Assets Supervision and Administration Commission of Guangxi Zhuang Autonomous Region
BaiBong Technology: Trading resumes; the controlling shareholder plans to change to Delo Technology
Jiahua Co., Ltd.: Trading suspended; the actual controller is planning a change in control rights
ST Siyuan: Trading resumes; *ST Siyuan

IV. Minefield Area
Jinmen Membrane Technology: Shareholders plan to reduce their holdings by 3.00%
Hanghua Co., Ltd.: Shareholders plan to reduce their holdings by 3.00%
Nanda Environment: Shareholders plan to reduce their holdings by 2.73%
Sine Electric: Shareholders plan to reduce their holdings by 2.55%
Ercang Pharmaceutical: Shareholders plan to reduce their holdings by 2.04%
Western Materials: Shareholders plan to reduce their holdings by 1.00%
Chuangchuang Lawn: Shareholders plan to reduce their holdings by 1.00%

V. Abnormal Movement Announcements
Shenjian Co., Ltd.: The company’s revenue related to commercial aerospace business is relatively small
Hongquan Technology: Revenue from two-wheeler business represents a relatively small share of the company’s total revenue
Faiersheng: The company’s business does not involve optical fiber or specialty optical fiber; there is no situation regarding restructuring or a backdoor listing
Wanbangde: There is uncertainty in both the progress and results of clinical trials for innovative drugs and the future market competition landscape for future products
Hongchang Technology: The fund jointly invested holds 5.5046% equity in Zhangxue Motorcycle. This investment is a financial investment with limited impact on the company
Shutai Shen: Multiple ongoing R&D projects belong to innovative biological products and face various risks, such as that clinical trial progress may be worse than expected

VI. Ongoing Updates

No.3 Global Markets

I. Global Markets
The three major U.S. stock indexes closed sharply higher and posted the largest single-day gains since May of last year. The Nasdaq rose 3.83%, the S&P 500 rose 2.91%, and the Dow rose 2.49%.
Hot Chinese concept stocks collectively moved higher: the Liquefmore Chinese concept stock leader index rose more than 3%, and NIO rose more than 9%.

II. Featured U.S. Stocks and Chinese Concept Stocks

III. Commodities (after-hours trading products)